Is Now a Good Time To Buy? (Covid-19)

Diane Buchanan • March 30, 2020

If you’ve been thinking about buying a new home, chances are the instability of the Canadian economy and the impact Covid-19 has you second-guessing yourself. And chances are, at this point in time, you are probably right to do so.

Right now there is uncertainty in the Canadian housing market. We’re in uncharted waters and the full impact of Covid-19 has yet to be seen. Obviously, as people continue to self-isolate, we can expect sales numbers to drop.

But as real estate agents find new ways to make house-hunting accessible online through virtual tours, coupled with incredibly low interest rates, it’s certainly not as cut and dry as might be expected.

So, is right now a good time to buy a home? Well, that’s tough to answer, but what if you looked at it another way?

Instead of basing your buying decision on external market factors, consider asking yourself, is now a good time to buy a home for me?

When you stop looking at the market to determine your timing to buy a home, and instead examine your personal financial situation and your reasons for buying a home, the picture becomes clearer.

Consider asking yourself the following:

  • Does buying a new home now put me in a better or worse financial position?
  • Is there a chance I could lose my job or get laid off because of Covid-19?
  • Have I saved enough money for a downpayment?
  • Do I have a plan in place if I get sick and I’m not able to work for any length of time?
  • Is there any scenario where I might have to sell quickly and potentially lose money?
  • Do I really want to buy, or am I feeling the pressure that if I don’t buy now, I might never be able to?
  • Am I scared that if I buy now, the market will crash the second I do?

Regardless if you decide now is a good time to buy, or to wait, consider putting a plan in place! A plan makes all the difference.

If you decide to wait, consider ways to save a little extra money for the downpayment or to squirrel away in your emergency fund. Interest rates won’t be going through the roof anytime soon (slight fluctuations are normal), so don’t feel you need to be in a hurry.

If you decide now is a good time to buy start with a mortgage pre-approval. Contact me anytime ; we can go over your financial situation, complete an online mortgage application and put together a plan.

Although Covid-19 has significantly impacted the way we live our lives, life will go on. People will continue to buy and sell houses, albeit maybe not as many for a while. But we all need places to live and we can’t let fear make our decisions for us.

Having a plan in place is what allows you to have certainty in these uncertain times!

DIANE BUCHANAN
 Mortgage Broker

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Tips to Pay Off Your Mortgage Early

By Diane Buchanan • May 20, 2026
Owning a home feels great—carrying a large mortgage, not so much. The good news? With the right strategies, you can shorten your amortization, save thousands in interest, and become mortgage-free sooner than you think. Here are four proven ways to make it happen: 1. Switch to Accelerated Payments One of the simplest ways to reduce your mortgage faster is by moving from monthly payments to accelerated bi-weekly payments . Instead of 12 monthly payments a year, you’ll make 26 half-payments. That works out to the equivalent of one extra monthly payment each year, shaving years off your mortgage—often without you noticing much difference in your budget. 2. Increase Your Regular Payments Most mortgages allow you to boost your regular payment by 10–25%. Some even let you double up payments occasionally. Every extra dollar goes directly toward your principal, which means less interest and faster progress toward paying off your balance. 3. Make Lump-Sum Payments Depending on your lender, you may be able to make lump-sum payments of 10–25% of your original mortgage balance each year. This option is ideal if you receive a bonus, inheritance, or other windfall. Applying a lump sum directly to your principal immediately reduces the interest charged for the rest of your term. 4. Review Your Mortgage Annually It’s easy to put your mortgage on auto-pilot, but a yearly review keeps you in control. By sitting down with an independent mortgage professional, you can check if refinancing, restructuring, or adjusting terms could save you money. A quick annual review helps ensure your mortgage is always working for you—not against you. The Bottom Line Paying off your mortgage early doesn’t require a massive lifestyle change—it’s about making smart, consistent choices. Whether it’s accelerated payments, lump sums, or regular reviews, every step you take helps reduce your debt faster. If you’d like to explore strategies tailored to your situation—or want a free annual mortgage review—let’s connect. I’d be happy to help you find the fastest path to mortgage freedom.

Breaking Down the Real Costs of Homeownership

By Diane Buchanan • May 13, 2026
Don’t Forget About Closing Costs When planning to buy a home, most people focus on saving for the down payment. But the truth is, that’s only part of the equation. To actually finalize the purchase, you’ll also need to budget for closing costs —the out-of-pocket expenses that come up before you get the keys. Closing costs can add up quickly, which is why they should be part of your pre-approval conversation right from the start. Lenders will even require proof that you’ve got enough funds set aside. For example, if you’re getting an insured (high-ratio) mortgage, you’ll need at least 1.5% of the purchase price available in addition to your down payment. That means a 10% down payment actually requires 11.5% of the purchase price in cash to make everything work. Let’s break down some of the most common expenses you should prepare for: 1. Home Inspection & Appraisal Inspection : Paid by you, this gives peace of mind that the property is in good shape and doesn’t have hidden problems. Appraisal : Required by the lender to confirm value. Sometimes this is covered by mortgage insurance, sometimes by you. 2. Legal Fees A lawyer or notary is required to handle the title transfer and make sure the mortgage is properly registered. Legal fees are often one of the larger closing costs—unless you’re also responsible for property transfer tax. 3. Taxes Many provinces charge a property or land transfer tax based on the home’s purchase price. These fees can range from hundreds to thousands of dollars, so you’ll want to factor them in early. 4. Insurance Property insurance is mandatory—lenders won’t release funds without proof that the home is insured on closing day. Optional coverage like mortgage life, disability, or critical illness insurance may also be worth considering depending on your financial plan. 5. Moving Costs Whether you’re renting a truck, hiring movers, or bribing friends with pizza and gas money, moving comes with expenses. Cross-country moves especially can be surprisingly pricey. 6. Utilities & Deposits Setting up new services (electricity, water, internet) can involve connection fees or deposits, particularly if you don’t already have a payment history with the utility provider. Plan Ahead, Stress Less This list covers the big-ticket items, but every purchase is unique. That’s why it pays to have an accurate estimate of your personal closing costs before you make an offer. If you’d like help planning ahead—or want a breakdown tailored to your situation—let’s connect. I’d be happy to walk you through the numbers and make sure you’re fully prepared.